President Donald Trump meets with Chinese President Xi Jinping on June 29, 2019, during a meeting on the sidelines of the G-20 summit in Osaka, Japan. China has announced it will raise tariffs on $75 billion of U.S. products in retaliation for President Donald Trump's planned Sept. 1 duty increase in a war over trade and technology policy. (Susan Walsh/AP)

Escalating his trade war with China, President Donald Trump bumped up his tariffs on Chinese imports Friday, lashing back after Beijing raised taxes on U.S. products.

In a tweet, Trump said he would be raising tariffs on $300 billion in Chinese goods from 10% to 15%. The Office of the U.S. Trade Representative also said that on Oct. 1 the U.S. would hike tariffs on another $250 billion in Chinese imports from 25% to 30%.

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The move came hours after Beijing said it would hike tariffs on $75 billion in U.S. imports, escalating a conflict over trade and technology that threatens to tip a fragile global economy into recession.

Earlier Friday, the president said he "hereby ordered" U.S. companies to seek alternatives to doing business in China. The escalating tensions between the world's two biggest economies sent the stock market into a tailspin. The Dow Jones Industrial Average closed down 643 points — before Trump announced the new tariffs.

On Friday, Trump also delivered more stinging blows to the Federal Reserve Chairman Jerome Powell — a Trump appointee — after Powell declined to lower interest rates. The president called him an “enemy," seemingly equivalent to Chinese President Xi Jingping.

“As usual, the Fed did NOTHING!” Trump tweeted, adding, “We have a very strong dollar and a very weak Fed.” He went further by saying: “My only question is, who is our bigger enemy, Jay Powel (sic) or Chairman Xi?” — a reference to China’s President Xi Jinping.

....better off without them. The vast amounts of money made and stolen by China from the United States, year after year, for decades, will and must STOP. Our great American companies are hereby ordered to immediately start looking for an alternative to China, including bringing..

....all deliveries of Fentanyl from China (or anywhere else!). Fentanyl kills 100,000 Americans a year. President Xi said this would stop - it didn’t. Our Economy, because of our gains in the last 2 1/2 years, is MUCH larger than that of China. We will keep it that way!

The Dow Jones Industrial Average plunged more than 600 points Friday after the latest escalation in the trade war between the U.S. and China rattled investors. The broad sell-off sent the S&P 500 to its fourth straight weekly loss.

Tariffs on $300 billion in Chinese imports are scheduled to go into effect in two stages — on Sept. 1 and Dec. 15. Originally scheduled to be 10%, they will now be 15%. Trump’s announcements came after markets closed and are likely to influence stock markets in Asia when trading opens there Monday.

The S&P 500 fell 75.84 points, or 2.6%, to 2,847.11. The index is now down 4.5% for the month. It's still up 13.6% for the year.

The Nasdaq gave up 239.62 points, or 3%, to 7,751.77. The Russell 2000 index of smaller company stocks skidded 46.52 points, or 3.1%, to 1,459.49.

Trump also said Friday morning that he was “ordering” UPS, FedEx and Amazon to block any deliveries from China of the powerful opioid drug fentanyl. The stocks of all three companies fell as traders tried to assess the possible implications.